OPEC+ Delays Meeting Amid Strategic Discussions

OPEC+ has rescheduled its meeting from Dec. 1 to Dec. 5 due to a Gulf summit clash. There are talks about delaying oil output increases. Key ministers, including Saudi Arabia's Prince Abdulaziz, are involved in strategic discussions. Challenges include slowing demand and rising production outside the group.

The OPEC+ alliance of oil-producing countries has deferred its meeting on output policy to December 5, originally scheduled for December 1, OPEC announced Thursday. This rescheduling avoids a conflict with a Gulf Arab summit in Kuwait City, which several OPEC+ ministers are set to attend.

The decision followed discussions among top OPEC+ ministers, with sources hinting at further delays in planned oil output increases starting in January. Saudi Energy Minister Prince Abdulaziz bin Salman recently engaged in strategic talks with Russian and Kazakh counterparts during an official visit to Kazakhstan.

OPEC+, led by Saudi Arabia and Russia, controls about half of global oil production and plans to incrementally reduce cuts through 2025. Yet, the slowing demand from China and increased production outside the group present significant challenges to these plans.

(With inputs from agencies.)